Fri Sep 20 12:21:00 UTC 2024: ## Citizens Financial Group Invests in Upwork, Other Institutional Investors Follow Suit

**New York, NY** – Citizens Financial Group Inc. RI, a prominent financial institution, revealed in its latest 13F filing that it purchased a new position in Upwork Inc. (NASDAQ:UPWK) during the second quarter of 2024. This move comes amidst a wave of institutional investor activity surrounding the company, highlighting growing interest in the freelance platform.

Citizens Financial Group acquired 11,590 shares of Upwork stock, representing a value of approximately $125,000. This investment followed a trend of increased interest in Upwork from other major players in the market. Notably, Goldman Sachs Group Inc. significantly increased its stake in the company by 239.9% during the fourth quarter, now owning 2,252,227 shares valued at $33,491,000.

Other notable investments include a new stake purchased by Norges Bank in the fourth quarter, valued at $11,486,000, and an increase in stake by Vanguard Group Inc. during the first quarter, bringing their total holdings to 15,996,306 shares valued at $196,115,000.

These institutional investments come alongside recent insider transactions. VP Dave Bottoms and CFO Erica Gessert both sold shares of Upwork in August, with the combined total value of these sales reaching $887,007.

Despite these insider sales, the market sentiment towards Upwork remains positive. Several research firms, including Goldman Sachs, Piper Sandler, and Roth Mkm, have assigned “buy” ratings to the company, though with revised target prices. UBS Group and Canaccord Genuity Group have assigned a “neutral” and “buy” rating, respectively. MarketBeat currently assigns a “Moderate Buy” consensus rating to Upwork, with an average target price of $15.70.

Upwork operates a global online platform that connects businesses with freelancers and agencies, offering services across various sectors including administrative support, marketing, design, and web development. The company’s stock opened at $10.77 on Friday, with a market capitalization of $1.43 billion.

The recent institutional investments and positive analyst ratings suggest growing confidence in Upwork’s future performance. However, it remains to be seen how the company will navigate the evolving landscape of the gig economy.

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